The drop reflected on Sunday, April 6, 2025
Following the imposition of tariffs on some countries by the President of the United States of America, Donald Trump, oil prices have plunged below $60 for the first time since 2021.
The drop, which was reflected on Sunday, April 6, 2025, saw a 3% reduction in crude oil prices, with oil selling at $59.78.
According to U.S. West Texas Intermediate, the decline in price can be attributed to the consistent 6% reductions that occurred last week.
JPMorgan Chase & Co. stated that the U.S. and global economy are likely to enter a recession this year.
This, they said, was due to the impact of tariffs imposed by Donald Trump.
JPMorgan explained that the tariffs, which are set to take effect this week, “would likely push the U.S. and possibly the global economy into recession this year.”
Market watchers and the business community at large have bemoaned the negative implications this directive would have on them and on global economies.
This would lead to a slowdown in economic activities as well as affect the demand for oil.
SA/MA
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